Most of the company’s profits come from its media and distribution arms. As the 825-strong chain of shops goes deeper into decline, a break-up bid could be on way

WHEN Woolworths opened its doors on the British high street in 1909 it promised to be at the forefront of a retail revolution.

It pledged to provide good quality mass-produced goods that everyone could afford.

The store chain had started life in America and brought to Britain a dose of American pizzazz and when its Liverpool flagship store opened in 1923, it was nothing short of a retailing dream - fine mahogany counters were packed with all manner of wares from photo frames to luggage, buckets, bowls and stationery.

Now, more than eight decades later, that pizzazz seems to have disappeared. The company's share price has collapsed, triggering renewed speculation of a break-up. And when the group unveils its full-year results this week, it is expected to slash its dividend.

A visit to the Bethnal Green branch of Woolworths in East London last week summed up just how far this once